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September 2009 home page

GO Capital

Jan McMillan | 12th Street


At the August 3 City Council meeting, City staff presented several options for retiring the Del Mar Shores property debt and financing other capital projects. They asked the Council for direction as to which options to pursue or drop. Options proposed were:

• Issuing General Obligation, Mello-Roos or “Build America” bonds.
• Forming an assessment district.
• Retiring the unpaid principal through the sale or long-term lease of City assets, such as the 22,215 square-foot Balboa reservoir site, the present City Hall site, numerous small City-owned parcels, or a portion of the Shores site itself.
• Issuing a Request for Proposals to determine interest in siting an educational institution other than the Winston School on the property.
• Selling any part of the Shores site and issuing the RFP drew sizeable opposition from the Friends of Del Mar Parks, the sale because it would reduce the size of the property to be obtained and,under the terms of the sale by the Del Mar Union School District to the City, a large portion of any money gained by a sale by the City would have to be turned over to the District; the RFP because Winston has contributed a large amount to the ongoing fundraising campaign in the expectation of a long-term lease.

The Council elected to keep all options on the table.

Neighborhood meetings will be held In September to get citizen input on these options. Go to the City’s website to learn when and where these meeting will be held. Also take a careful look at the proposal on the first page of this issue for an intriguing proposal from the City’s Finance Committee.


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